Vivo subscribers to use their mobile phones to make purchases, person
to person money transfers, bill payments, and purchase airtime

November 22, 2011 08:30 AM Eastern Standard Time

SÃO PAULO--(BUSINESS WIRE)--MasterCard and Telefónica today announced the creation of a joint
venture to offer mobile financial solutions for 65 million Vivo
consumers in Brazil. The initiative will create a mobile wallet allowing
consumers to make payments via their mobile phones as well as transfer
funds, pay bills and make online purchases.

The service promotes financial inclusion for Brazilian consumers
allowing operations between banked and unbanked consumers and fostering
the acceptance of mobile payments in locations that traditionally have
only accepted cash transactions, such as taxis and delivery services as
well as direct sales such as door-to-door transactions.

"Underscoring MasterCard's commitment to financial inclusion, the joint
venture represents an excellent opportunity to offer affordable and
efficient financial solutions to millions of consumers who have mobile
phones but have never had access to the benefits of electronic
payments," said Richard Hartzell, President of MasterCard for Latin
America and the Caribbean. "The move puts the company at the forefront
of mobile payments in the region."

"This partnership positions Telefónica as a leading developer of mobile
financial solutions in Brazil," said Joaquin Mata, Global Head of
Financial Services at Telefónica Digital.

The new company will operate independently with each shareholder holding
50 percent of the equity. The joint venture will be presented to
competent authorities for approval.

About MasterCard

MasterCard (NYSE: MA) is a global payments and technology company. It
operates the world’s fastest payments processing network, connecting
consumers, financial institutions, merchants, governments and businesses
in more than 210 countries and territories. MasterCard’s products and
solutions make everyday commerce activities - such as shopping,
traveling, running a business and managing finances - easier, more
secure and more efficient for everyone. Learn more at www.mastercard.com.

About Telefónica

Telefónica Group is one of the largest communications conglomerates in
the world, with operations in 25 countries, which serves about 300
million customers, has 270,000 employees and earn revenues of 60.7
billion euros (revenues from 2010). Brazil, where the Group is present
since 1998, is the largest operation of Telefónica in number of
customers (80 million) and direct employees (over 100,000). In revenues,
Brazil ranks second, behind Spain. The main Group companies in the
country are Telefonica Brazil, Vivo, Atento (call center) and Terra
(provider and Internet portal).